Answer:
Instructions are listed below.
Explanation:
Giving the following information:
Its beginning inventory of chairs was 100 units at $45 per unit.
Purchases:
The first was a 174-unit purchase at $51 per unit
The second was a 212-unit purchase at $54 per unit.
During the period, it sold 294 chairs.
I will calculate the cost of goods sold and ending inventory under FIFO, LIFO, and weighted-average methods.
FIFO (first-in, first-out):
COGS= 100*45 + 174*51 + 20*54= $14,454
Ending inventory= 192*54= $10,368
LIFO (last-in, first-out):
COGS= 212*54 + 82*51= $15,630
Ending inventory= 92*51 + 100*45= $9,192
Weighted-average method:
Weighted-average cost= (45 + 51 + 54)/3= $50
COGS= 294*50= $14,700
Ending inventory= 192*50= $9,600
